KeyBanc lowered the firm’s price target on Darden to $175 from $185 and keeps an Overweight rating on the shares. Based on our data analysis, the firm is raising its Q1 2024 EPS/same-store sales growth estimates modestly above consensus forecasts. However, KeyBanc sees a relatively balanced setup with full year 2024 guidance likely remaining conservative against solid Q1 2024 results. The firm continues to view Darden as a long-term share gainer with credible sales drivers, industry-leading scale, and a diversified portfolio of brands that should enable it to outperform through various cycles.
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